June165438+1October 2 1, after the fund's net value was updated, Furong's short-term and medium-term debt fell into the whirlpool of public opinion again, with a one-day drop of more than 12%, making it the most "skinny" fund in this round of bond market adjustment.

"Long time no see!" A practitioner told Cailian reporter that he had never seen such a big drop in debt base in a single day since he was employed in 1 1 year. In the discourse system of Alipay forum, it means 1208 eggs are broken. 1.208 What is the concept of eggs? An egg a day is enough for 3.3 years.

On the whole, the overall scale of Furong Fund is 26.9 billion, and the short-term and medium-term debt scale of this plunge is 4.9 billion, accounting for nearly 20%. This decline also made Furong Fund the first hot search of the fund investment platform that day.

In the fund bar, investors are also venting their emotions. Some investors said that "I sent a letter to investors last week, saying that there was no thunderstorm and I had to tide over the difficulties. After the delay (payment) of T+7, it directly hit 12 today. Some investors questioned that "there was no thunderstorm".

For the reason why the net value has shrunk sharply, Furong Fund did not respond to investors again. However, the position in the third quarter may be exposed. This position can be seen in the Great Financial City 2A, where bonds plunged by 49.24% on165438+1October 2 1 day. Is this "stepping on thunder"?

The single-day plunge exceeded 12%, stepping on the thunder market for 2 years?

The "storm" of the decline in the net value of short-term and medium-term debt of Furong has become the "eye of the storm". 165438+1October 2 1, after the fund's net value was updated, the single-day net value fell by 12.07%, which caused great concern in the market. At this point, furong short-term debt has also erased all the income since its establishment, and its net value has dropped to 0.8822.

What the hell happened? Let the short-term debt of Furong appear as the "worst" decline in this round of debt-based adjustment.

In this regard, some analysts pointed out that it may be because it stepped on the credit bond on165438+1October 2 1 day. According to the bond positions of Furong Fund in the third quarter of this year, the top five bonds held by the Fund involve banking, energy and other industries. Public information shows that the interest payments of these bonds are normal.

Looking down, however, the top asset-backed securities (ABS) investment project, Dayongcheng, plunged in June165438+1October 2 1.

What is the situation in Dayongcheng 2A? According to the data of Shenzhen Stock Exchange, Darongcheng 2 refers to "Zheng Guang Asset Management-Guangkong Anshi Commercial Real Estate Phase II Darongcheng Asset Support Special Plan", which is a commercial real estate project. Darongcheng 2 was established on 2065438+September 4, 2009. The priority asset-backed securities are as follows: the short name of the securities is "Darongcheng 2A", the code is "1 19477", the maturity date is September 3, 2026, and the principal and interest are repaid regularly.

ABS, originally a priority, has low income and low risk. June165438+1October 2 1 plunged 49.24% and its face value fell to 50 yuan.

The violent running continues.

In addition to the thunderstorm weather, some insiders believe that, on the one hand, Furong Fund has previously announced the extension of the payment time of redemption money, which has increased the panic of investors and triggered a larger run or the main reason. On the other hand, the success of e-commerce, the failure of e-commerce and the "herd effect" brought by too many indebted individual investors can not be ignored.

As early as165438+1October 17, when the net fund value dropped by 1.89%, the company explained that there was no default problem (that is, "stepping on thunder"), but in the face of rapid redemption in a short time, in order to ensure the interests of every customer, it was necessary to continue to sell assets.

"No matter whether it thunders or not, Furong's short-term and medium-term debts will face a fierce run storm." Some insiders told the Cailian reporter that the fuse may be caused by the delay in paying taxes.

165438+1October16th, Furong Fund changed the previous redemption rules and extended the redemption payment time to T+7 trading days (including t days).

The above-mentioned insiders pointed out that although the education of domestic fund investors is relatively good, this move may aggravate investors' panic and more investors choose to redeem. Fund managers have to sell bonds. At present, the liquidity is poor, so you can only choose to cash in at a discount. For example, if they can't sell 100 yuan, then the low discount in 90 yuan, 80 yuan and even 70 yuan will eventually be reflected in the net value of the fund.

In fact, as far as the Furong Fund is concerned, when there is a huge redemption, it is written into the fund contract to take "payment within T+7 days". From the compliance point of view, there is no breach of contract.

E-commerce customers are mostly, or trigger a "herd effect"

Judging from the historical net value, from 165438+ 10/6, the net value of short-term and medium-term debt of Furong began to enter a rapid decline channel. Judging from the delayed payment of short and medium-term debts of Furong, this crisis may have laid the groundwork for the composition of the customer base.

According to the third quarterly report of this year, individual investors accounted for 76. 16%, and institutions accounted for 23.84%. The scale of the fund soared from 234 million yuan at the end of the second quarter of this year to nearly 5 billion yuan, of which e-commerce channel customers accounted for a relatively high proportion.

From the perspective of fund marketing, in addition to platforms with obvious social attributes such as Ant Financial Service and Little Red Book, there are also many videos of "planting grass" in the official number of Furong Fund, while in the inventory of other platforms called "network celebrity debt base", short debts of Furong can often be seen.

Analysts believe that most e-commerce customers have triggered a "herd effect". These investors have not formed their own expectations, nor have they obtained first-hand information. They will change their behavior according to the behavior of other investors.

"Individual investors will have herd mentality when they see the risks in the bond market. It is difficult for fund companies to explain clearly to individual investors through communication with institutions." The analyst pointed out that this is why the Furong Fund is still facing such huge redemption pressure at the end of the bond market adjustment.

While the net value of short-term and medium-term debt of Furong plummeted, the reporter of Cailian Association counted the situation of debt base in the market and found that the overall adjustment of the current bond market tends to be stable.

The data shows that on June 5438+065438+1October 2 1 day, of the 2,364 medium-and long-term pure debt funds in the whole market, only 285 had a negative net value that day, among which Furong Fuxing pure debt fell the most, accounting for1.94%; Short-and medium-term debt funds and convertible bond funds are also better. Beixin Ruifeng's short-term and medium-term bonds in Ding Sheng and Huaxia Convertible Bonds have the largest withdrawal rates, which are -0.4 1% and -0.59% respectively.

For most debt bases, the sharp adjustment caused by transaction congestion has begun to ease, and seasonal disturbances will gradually pass. Looking ahead, faced with the uncertainty and pressure of economic recovery, there is no basis for active contraction of monetary policy during the year, so the "dark moment" of the bond market has passed. However, for the short-term and medium-term debt of Furong, the test is still severe in the face of the plunge of 12.08%.